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Iceland

Life Report

Product Insurance Market Reports Life Rev Iceland

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Iceland's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Iceland's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Iceland

The Iceland life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Iceland. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Iceland and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Iceland’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Iceland is available.

Axco’s report describes the regulatory framework that applies to Iceland's domestic life insurance sector, including whether non-admitted insurance is permitted in Iceland; as well as the legislation necessary to know regarding Iceland’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Iceland, with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Iceland market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Iceland, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Iceland pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Iceland report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Iceland Life and Benefits Report Extract

Below are brief extracts of information from the Iceland Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

In 2019 premium generated by the four Icelandic life insurers (Vordur Lif, Sjova Lif, TM Lif and Lifis) totalled ISK 6.22bn (USD 45.62mn).

In autumn 2020 when this report was in preparation the full impact of the COVID-19 pandemic on the Icelandic life market remained to be seen. It could be expected though that any reduction in the size of the economy because of the dramatic fall in tourism ....

Pensions

In autumn 2020 when this report was in preparation the full impact of the COVID-19 pandemic on the Icelandic life/pension market remained to be seen. It could be expected though that any reduction in the size of the economy because of the dramatic fall in tourism and the increase in unemployment could negatively affect ....

Healthcare

In common with other countries dealing with the COVID-19 pandemic, Iceland experienced a second wave of cases in the autumn of 2020. Although the number of cases recorded has exceeded 5,000, only 25 deaths had been recorded at the time this report was in preparation in November 2020, and the country's health system has coped well.

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